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You honestly need to change how you handle money if you relate to these signs.
Can't pay bills on time? Or rather trying to avoid people on the streets since you owe them debts?
Some people are good at managing their finances in that they have everything down from planning and saving each month to sticking to their budget and living debt free.
Some people are good at managing their finances in that they have everything down from planning and saving each month to sticking to their budget and living debt free. (Courtesy)However, other people find themselves in the situations mentioned above, such that they are not good at handling their finances. Here are five signs you need help managing your money:
1. Late payments
Its already end month and you are yet to pay the house rent. Add onto that the water and electricity bills just to heap onto your misery of late payments. If you are consistently late with paying bills then there must be a big problem in how you manage your finances.
Only two reasons can explain this problem; you are either just forgetful or you do not have the money to pay the bills on time.
This problem can be solved by paying all of your bills at the beginning of every month or some careful planning of your finances.
2. Relying on your credit cards
Once in a while you might have to use a credit card especially when you find yourself in an emergency situation. However, if you find yourself over-relying on it then it is time to make some real changes to the way you handle your money.
You can however solve this problem by having a solid budget to help you identify the areas where you are over-spending.
3. Taking out personal loans to treat yourself
Using personal loans to treat yourself to a new wardrobe or going for a costly vacation is just another way of digging deeper into your debt. (Courtesy)Personal loans are appropriate to consolidate credit card debt at a lower rate or help you fund a large expenses such as paying medical bills. But using them to treat yourself to a new wardrobe or going for a costly vacation is just another way of digging deeper into your debt.
Seek advice from a financial planner before taking out a personal loan to see if better options exist.
4. You have an overwhelming amount of debt
Your overwhelming amount of debt is stressing you. (Courtesy)
You just can’t stand the thought of seeing those phone calls from people you owe a debts or even meeting them along the streets. Your debt crisis is even stressing you.
You can however take control of the situation by paying off the debt(s) with hard work and discipline.
5. Sleepless nights worried about your finances
If you find yourself always awake in bed worried about your finances then there is a cause for concern. When you have a budget that you can stick to in place, and good emergency fund saved up, you will rarely find yourself worried about your finances, which means that you can rest easier.
You just can’t stand the thought of seeing those phone calls from people you owe a debts or even meeting them along the streets. Your debt crisis is even stressing you.
You can however take control of the situation by paying off the debt(s) with hard work and discipline.
5. Sleepless nights worried about your finances
If you find yourself always awake in bed worried about your finances then there is a cause for concern. When you have a budget that you can stick to in place, and good emergency fund saved up, you will rarely find yourself worried about your finances, which means that you can rest easier.
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